Markets have been shifting their bets on the likelihood of negative rates from the Bank in 2021
UK instantaneous Overnight Index Swap forward curve on various dates
Q1
2020
Q2
Q3
Q4
Q1
2021
Q2
Q3
Q4
Q1
2022
Q2
Q3
Q4
Q1
2023
Q2
Q3
Q4
Q1
2024
Q2
−0.10
−0.05
0.00
0.05
0.10
0.15
0.20
0.25
0.30
0.35
0.40
0.45
0.50
0.55
0.60%
Jan2020
May2020
Aug2020
Nov2020
Feb2021
Before February's MPC meeting markets anticipated rates turning negative in Q2 2021